Arcadia furloughs 14,500 staff following coronavirus shutdown April 2, 2020 Retailer Arcadia today said it was furloughing 14,500 of its workers after it shut its stores because of the coronavirus pandemic. The Topshop-owner also said that its board and senior leadership team were taking a salary reduction of between 25 per cent and 50 per cent. Arcadia closed its physical stores two weeks ago as [...]
London retail footfall plunges as shops close amid coronavirus pandemic March 23, 2020 Retail footfall in central London plummeted last week as employees started working from home and shops start to close amid the coronavirus pandemic. Footfall in the capital plunged 63.3 per cent last week, as office workers were advised to stay home. In shopping areas on the outskirts of London footfall was down 21.9 per cent. [...]
Coronavirus: PM to rush emergency legislation through the Commons March 23, 2020 The Prime Minister is hoping to rush sweeping new coronavirus legislation through the House of Commons, as the country faces the prospect of a lockdown. MPs will return to the Commons today to debate the government’s emergency coronavirus bill, which was set out last week. Under the proposals, which would be time-limited for two years, [...]
Arcadia cancels supplier orders amid coronavirus crisis March 30, 2020 Sir Philip Green’s Arcadia has cancelled all orders from its suppliers and extended its payment terms as it seeks to conserve cash during the coronavirus pandemic. Arcadia, which owns high street giants Topshop, Dorothy Perkins and Burtons, has written to its supply chain to say all orders have been cancelled and payment terms will be [...]
Coronavirus: Asda cancels clothing orders with suppliers April 19, 2020 Asda has cancelled around a quarter of clothing orders with suppliers due to plummeting demand during the coronavirus crisis. The supermarket has said it will pay 50 per cent for the completed cancelled orders, rising to 60 per cent for Bangladeshi suppliers. Asda said it will honour more than 75 per cent of its orders [...]
Beyonce buys out Ivy Park clothing brand from Topshop billionaire Sir Philip Green November 15, 2018 American singer Beyonce has severed ties with embattled Topshop billionaire Sir Philip Green by buying out his share in their fashion label Ivy Park. Beyonce and Sir Philip launched the gymwear venture in 2016 and the label is sold in Topshop, which is owned by Green’s retail empire Arcadia. But the global pop star has withdrawn [...]
Intu seeks to raise boss’s bonus amid financial troubles February 16, 2020 Beleaguered retail landlord Intu could face a showdown with investors over executive pay, as it seeks to hike the potential bonus of new chief executive Matthew Roberts. Intu is seeking to bring the the potential share awards in its long-term incentive plan back up to 250 per cent, after the scheme was cut back to [...]
Arcadia and Debenhams eye drastic measures as coronavirus pummels retailers April 5, 2020 The UK’s retail sector is creaking under the weight of coronavirus, with a number of high-profile names such as Debenhams, Cath Kidston and Arcadia Group scrambling to stay viable. Topshop owner Arcadia could walk away from as many as 550 of its stores this week, serving notice to landlords weeks after it shut its physical [...]
Coronavirus: Sir Philip Green’s Arcadia pauses pension scheme payments March 29, 2020 Sir Philip Green’s Arcadia is planning to pause payments to its pensions scheme in a bid to save cash during the coronavirus crisis. Green’s retail empire, which includes Topshop and Dorothy Perkins, will defer its deficit recovery contributions, after all non-essential retailers were forced to close as part of a government lockdown to slow the [...]
Coronavirus: Primark to close all UK stores as pandemic hits high street March 22, 2020 Primark is set to shutter all 189 of its UK stores from tonight as the coronavirus outbreak threatens to bring the UK high street to its knees. The budget fashion retailer has already closed stores accounting for 20 per cent of its selling space globally, and is now preparing to close its entire store estate. [...]